• Weekly Market Report 10 October 2017

    Sugar

    • A choppy week for raw sugar futures, with prices tracking higher before settling lower.
    • Ethanol parity remains solid above current market levels, so we expect yields to slip somewhat for sugar.

    Currency/macro comments

    • USD continues to garner strength as the likelihood of a December rate hike increases.
    • AUD was naturally weaker, printing fresh three-month lows at USD 0.7733.
    • The RBA left rates on hold – as expected – with little change in the way of commentary.
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  • Weekly Market Report 26 September 2017

    Sugar

    • Softening over the week, raw sugar futures opened at the high before closing below the 14-USc/lb handle sustained in the last month.
    • The soon-to-expire Oct17 contract was the biggest loser, down nearly 4 per cent on the week.

    Currency/macro comments

    • Further clarity around the Fed’s balance sheet normalisation stalled AUD strength this week.
    • The AUD was rejected above USD 0.81 and eventually closed lower.
    • Expect the AUD to sit tight in the current AUD 0.79 – 0.80 range this week.
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  • Weekly Market Report 19 September 2017

    Sugar

    • Raw sugar futures finished up on a positive note last week.
    • Largely led by funds reducing record net short positions, the fundamental backdrop remains somewhat muted.

    Currency/macro comments

    • Despite a down-trending week, the AUD maintained an USD 0.80 handle in to the week end.
    • Local employment data continues to outperform, though AUD appreciation stalled on weaker Chinese data.
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  • Weekly Market Report 12 September 2017

    Sugar

    • With a shortened week owing to the US public holiday on Monday, raw sugar futures traded positively to the week end.
    • Despite weather concerns in the US and further gasoline price hikes in Brazil, sugar positivity persisted.

    Currency/macro comments

    • The AUD posted fresh two-year highs this week (USD 0.81) as concerns for another rate hike by the US Fed this year shortened.
    • As expected, the RBA left interest rates on hold, maintaining comfort with the current view on policy.
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  • Weekly Market Report 4 September 2017

    Sugar

    • A volatile week for raw sugar futures, which posted fresh four-week highs before being washed down in the final session of the week.
    • The front Oct17/ Mar18 spread strengthened to –61 points as we near the Oct17 contract expiry.

    Currency/macro comments

    • A choppy old week for the AUD, failing at two attempts to surpass USD 0.80.
    • Better-than-expected US GDP and employment data saw the USD gain ground, but this was short-lived as the AUD bounced back on Friday night following a soft US Payrolls print.
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  • Weekly Market Report 30 August 2017

    Sugar

    • Raw sugar futures were moderately higher over the last week.
    • Forecasts for better rain in India have come to fruition as concerns over the Indian crop are likely put to bed.
    • In Brazil, the weather appears favourable to cane, with more wet weather on the way.

    Currency/macro comments

    • A generally quieter week for the AUD, eventually closing at USD 0.7935.
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